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February 24, 2025
In the News
Be sure to register and attend the Nat'l Agri-Marketing Assn (NAMA) annual conference April 9-11, Kansas City, MO. For more information click here. |
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 WEEKLY COMMODITY HIGHLIGHTS
Nearby
Futures | Weekly
Change | Friday's
Close | Year
Ago |
| Corn | -0.0500 | 4.9125 | 4.6350 |
| Soybeans | +0.0350 | 10.3950 | 11.4125 |
| Wheat | -0.1000 | 5.900 | 6.0375 |
| Cattle | -0.0750 | 197.825 | 185.60 |
| Hogs | -4.9250 | 87.675 | 87.20 |
| Cotton | -1.03 | 66.08 | 83.55 |
| Milk | -0.11 | 20.22 | 16.14 |
| Crude Oil | -0.31 | 70.40 | 76.49 |
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Grain and oilseed futures were mixed in a holiday-shortened week. Corn made a nine-month high early in the week but retreated after that. Expectations of big U.S. plantings this spring hang over the corn market, and unwinding of bull spreads was a feature. Soybeans were up modestly, with hot weather in Argentina providing some support, along with expectations that growers are going to favor corn plantings rather than soybeans this spring. Wheat futures were lower amid technical selling. Worries about a winterkill threat in Russia passed, and while there was potentially some damage in the U.S. Plains amid a prolonged stretch of bitter cold, conditions are now set to warm up across the region. A wildcard for the wheat market is negotiations to bring an end to the war between Ukraine and Russia. Cotton futures stumbled, retreating back toward the five-year low set early in the month, despite a National Cotton Council survey showing U.S. plantings projected at their lowest level in a decade. Rice futures were also in retreat, pressured by large global supplies. Looking ahead, USDA hosts its annual Ag Outlook Forum Thursday and Friday, and traders will be watching for news on tariffs out of the White House.
In the livestock complex, live cattle futures slid a bit further under pressure from technically-driven speculative long liquidation, weakening cash cattle markets and negative packer operating margins. Losses were limited by bitter cold in Plains feedlot country and futures' discounts to cash. Friday's monthly Cattle-on-Feed report appeared largely neutral, pegging the Feb. 1 U.S. feedlot inventory at 99.3%, just above the average of trade estimates at 99.2%. Both January feedlot placements and marketings were a bit below the survey expectations. Lean hog futures collapsed on Wednesday and Thursday as wholesale pork belly prices plummeted, pressuring packer operating margins. Concerns about trade with Mexico added fuel to the sell-off.
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